Bill > SB949

This bill, titled the "Uniform Assignment for Benefit of Creditors Act," establishes a standardized legal framework for situations where a person or organization transfers all of its assets to another party (an assignee) to pay off its debts to creditors. The Act defines key terms like "assignor" (the one transferring assets), "assignee" (the one receiving assets), and "creditor" (anyone with a claim against the assignor). It outlines who can make an assignment and under what circumstances, specifying requirements for both the assignee (who must be impartial and not a creditor or insider) and the assignment agreement itself, which must be in writing and signed by both parties. The bill details the assignee's powers and fiduciary duties, including managing assets, collecting debts, and distributing funds to creditors according to a set priority order, while also outlining the assignor's responsibilities in cooperating with the assignee. It also addresses notification requirements for creditors, the process for handling disputed claims, and the rules for transferring ownership of assets, aiming to create a more uniform and predictable process for assignments for the benefit of creditors across different states.

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http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=949&year=2026&sessiontype=RS&btype=bill